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Well, it’s as good as official, the Senate approved the House bill that will dramatically modify key forgiveness terms for the Payroll Protection Program(PPP). The bill, H.R. 7010 passed the House last week, and now all that’s needed is the President’s signature. I wanted to be so happy about this! I really did, and I am, to an extent. When talking about the PPP, it seems that for every one piece of good news, there are at l...
As you start to think about your 2020 taxes, take a minute to bookmark this page. I’m going to give you a list of everything you need to gather to be ready to file your return. Not every category will apply to you, so just pick those that do, and make sure you have that information available. General Information What is your current address? Did this change from last year? Did your marital status change before the end of the y...
Scammers are taking advantage of the uncertainty, fear, and anxiety that the coronavirus pandemic has caused. Here are three ways they are currently targeting people, especially senior citizens. Phone or in person offers to sign up for a COVID-19 vaccine An IRS agent calling to confirm a stimulus payment Someone at the door offering to swab your nose to see if you have the coronavirus More than 3,600 complaints of COVID-19 scams h...
Hello everyone! We took a little break from writing blogs last week. Things continue to change so quickly that at times it almost feels like we are doing you a disservice by telling you one thing and then following it up a few days later with contrary information. However, with the SBA releasing the Paycheck Protection Program Loan Forgiveness Application last Friday, we know many of you are itching for an update, however incomplete i...
Will the PPP Loan be the “Free Money” Everyone Thought it Was? Small businesses who received a Payroll Protection Program (PPP) loans, may lose out on tax deductions. On April 30th, the IRS published a notice which ruled out deductions for wages, rent, and utilities paid with forgivable PPP loans. “This treatment prevents a double tax benefit,” the agency said in the notice. “This conclusion is consistent with prior guidance o...
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